403(b) and 457(b) Plans

 CCPS offers 3 great ways to save for the future!

403(b) Savings Plan
Roth 403(b) Savings Plan
457(b) Deferred Compensation Plan
 

All of these plans provide an opportunity for employees to save money for retirement through payroll deductions.

The traditional 403(b) and 457(b) contributions are tax deferred (pre-tax) meaning the amount contributed is excluded from Federal and Maryland State income tax at the time of contribution. 
 
The Roth 403(b) is an after-tax retirement option. You pay taxes on the money you set aside now, but the growth and future withdrawals are tax free for qualified distributions.
 


Exciting news! Effective January 1, 2016, Lincoln Financial Group will become the sole retirement plan provider for Carroll County Public Schools. With your new plan, you’ll enjoy lower plan costs, new and diverse investment options, and convenient access to  your account. The following website will be your best source for information on the transition between now and January 1, 2016:

 

www.LFG.com/CCPS

 
Who is eligible to participate?
All CCPS employees, with the exception of CCPS student interns, are eligible to participate in both plans.
 
When can you enroll?
You are eligible to enroll immediately upon your date of hire.
 
How are contributions made?
Contributions are made via payroll deduction.  You determine the amount. You can increase, decrease, or discontinue your contribution amount at any time. 
 
What is the maximum amount that you can contribute?
The IRS limits the annual contributions you can make and the limits are adjusted each year. Below are the limits for 2015 and 2016:
  • Elective Deferral Limit $18,000
  • Age 50 Catch-up Limit $ 6,000
The IRS limits the annual contributions you can make and the limits are adjusted each year. Below were the limits for 2013 and 2014:
  • Elective Deferral Limit    $17,500
  • Age 50 Catch-up Limit   $  5,500     
When can you withdraw funds from your TSA account?
You can withdraw money (after meeting all necessary criteria) from your pre-tax 403(b) or 457(b) account when any one of the following events occur:
- 403(b) only: Attainment of age 59½  
- Retirement
- Death
- Total and Permanent Disability
- Separation from employment
- 403(b) only: Financial hardship withdrawal
- 457(b) only: Unforeseeable emergency
 
For Roth 403(b) contributions, in order to receive a Qualified Distribution of earnings (no tax due) you must meet BOTH of these qualifying events:
- Your account must be open for 5 years.
- Separation from employment
 

Signing up is easy! Your first step is to contact our approved vendor, Lincoln Financial Group. Lincoln Financial's representatives are happy to provide you their investment choices, help you decide which plan and which investments are right for you, and answer any other questions you may have.

There will be no more paper salary reduction agreements! You should submit salary deferral amounts directly to Lincoln Financial Group.  You can do this online at  www.LincolnFinancial.com  24 hours per day OR by contacting Lincoln Customer Service at 1-800-234-3500, Monday through Friday, from 8:00 a.m. to 8:00 p.m. Eastern Time. 

 

How To Register Your Lincoln Account Online

Go to LincolnFinancial.com/Register. Follow the prompts; the whole process takes only about 3 minutes of your time. Once registered, you can take full advantage of your retirement planning resources, including educational articles, videos, calculators and planning tools.


 

 

LINCOLN FINANCIAL GROUP
307 International Circle
Suite 390
Hunt Valley, MD 21030

Representatives:
Stacey Spedden
410-771-5430
fax 410-785-0044
Stacey.Spedden@lfg.com

Harriet L. Doherty
410-771-5422
fax 410-785-0044
Harriet.Doherty@lfg.com

 

 


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